Tesla CEO Elon Musk scored a personal victory with the reapproval of his compensation package worth approximately $56 billion after a shareholder vote. But the retail investor fanfare that accompanied the vote was squarely focused on the moonshot growth prospects of large-scale robotaxis and the Optimus humanoid robot, with Tesla’s EV sales barely mentioned.

In fact, an uninitiated observer of the sometimes self-congratulatory post-vote press conference would hardly know that Tesla makes cars.

Musk has clearly stated that he wants Tesla to become an AI and robotics company. But without growing EV sales, including a promised more affordable vehicle coming to market as early as late 2024, Tesla’s revenues will stagnate or even decline in the years before the FSD software is able to roll out in the degree that Musk and committed private investors have in mind. .

And the ruling also does little to allay the same legal concerns that undermined the compensation package when it was first introduced in 2018 — concerns that Tesla’s board is not sufficiently independent of Musk and that the CEO exerts undue influence over his decisions .

The board, which includes Musk’s brother and former personal lawyer, has campaigned vigorously in recent weeks in favor of shareholders reapproving the package. Although the compensation plan has been re-approved by shareholders, it could still face legal challenges, especially from several powerful institutional investors who have spoken out against the motion – even putting aside the fact that the package is not contingent on this vote, but of the Delaware court’s reversal. decision.

But Musk is in a bullish mood. In line with equity firm Ark Invest, he predicts Tesla’s market cap will reach a range of $5-7 trillion by 2029.

And the CEO once again laid out a vision for a future wave of growth for the company, driven by a mass conversion of the existing Tesla fleet to monetizable self-driving robotaxis.

“Tesla will own some cars, but customers can add their cars to the fleet with a tap on the Tesla app and make money whenever they want,” Musk told investors after the event. “You can add or remove your car for hours, days or weeks.

“The return will be higher than the monthly payment. This will happen, mark my words,” he adds.

But just as Musk’s victory in the shareholder vote does nothing to address legal concerns about the independence of Tesla’s board, it also does not change some onlookers’ disbelief over Musk’s grand promises, such as his oft-repeated claim that autonomy will undermine the value of economy could expand. Tesla tenfold.

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And conspicuously absent from Musk’s speech and question-and-answer session after the vote was any discussion of short-term plans for mass-market electric cars, the revenue stream that will have to bridge the gap for Tesla until its autonomous driving software becomes a commercially viable proposition. This is despite Musk reassuring analysts on the company’s most recent earnings call that some sort of next-generation electric car would come to market as early as late 2024.

Instead, Musk’s only reference to tangible EV production strategy revealed that Tesla sees a “difficult path” to achieving cost parity between internally produced 4680 cells and supplier-purchased cells by the end of 2024.

And it’s not like there isn’t some recent material news impacting Tesla’s auto earnings in the near term. As part of the recent EU tariffs on Chinese-made electric cars, Tesla’s Shanghai-made cars will now face duties in the bloc that could be even higher than Chinese brands BYD and Geely, although the European Commission says an ‘individually calculated tariff’ perhaps applied to Tesla imports.

And if Tesla’s autonomy plans were as certain as Musk claims, we might have heard more details about what the company plans to unveil in August under the name “robotaxi,” instead of the radio silence since the initial announcement.

While it may be no secret that Musk is steering Tesla away from conventional EV production, the feeling emanating from the company is that futuristic obsessions are dominating, leaving a void of short-term planning that is becoming increasingly glaring.